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Law vs Ethics





                                                                     
                                                                             

 






            The Ethics of Removing Legitimate Bad Credit 


Lesson Three
               

T
he law states that you can dispute any negative 
item on your credit report that is inaccurate; the credit 

bureaus have 30 
days to verify with the original creditor
that the 
information is valid, 

otherwise they must remove the negative information
from your credit report.


                                   Law vs Ethics


One of the best explanations 
that I found whether it is 
ethical 
to use the Law to remove 
legitimate bad credit is the
following article written by a prominent
Attorney at Law:   
 


The Credit Report is Nothing More than an Allegation


Credit Repair has not been kind to the American 
consumer.



In fact, the phrase is synonymous with fraud. 


This is the stigma we face as we offer a membership 
wherein in the client is offered an alternative to
 "Credit Prison".
 


Because the nasty reputation of credit repair sometimes 
washes over into our space,
we are often called upon to
defend the Ethics of our service.


Despite the disrepute, which taints credit improvement, 
our service is clearly analogous to the service
provided
by a defense attorney, the credit report is no more than
an allegation.
 


             What You Don't Know Can Hurt You


Unfortunately, most citizens never Challenge that allegation.


By enlisting the law offices through N.A.C.A to their defense,
our clients employ us to enter a plea of "not
guilty'. 


We take an affirmative defense; we offer a reasonable alibi 
and leave it to the bureaus to substantiate their allegation.


If the bureau claims to have investigated and affirmed the 
allegation, we appeal the decision, eventually, we find that 
most credit report allegation are at some point untenable and are removed. 


       
Get Out of The Credit Dungeon Early 


Removing record of a negative credit account, which did
actually exist, is undoubtedly ethically
sound.  


We belong to a fundamentally capitalistic civilization and the 
credit bureaus capitalize on consumer information, unlike our
legal system, the bureaus take no oath to truth, equity and the 
common good.
 


No American has the moral obligation to support any 
business venture or corporation, much less a corporation,
which will destroy their financial
life.



The information tended by the Credit Bureaus is ethically
 "Up for Grabs"
.  


                              
Gate Keepers


The credit bureaus would maintain every piece 
of credit information forever if it weren't for Federal Law, 
which has directed them to remove most items after 7 years.



In essence, the credit bureaus themselves practice credit 
repair, basically at the seven-year mark. 


If it is right for them to remove accurate credit accounts after seven
years, why would it be wrong to do so in less time?



In relationship to the consumer, the credit bureaus do not concern 
themselves with the impact of the
information. 


This information often misrepresents the credit worthiness of the
consumer, by tagging good citizens as "deadbeats" the bureaus
damage the creditors, the economy and , most importantly,
the individual.



Several policies and techniques employed by the credit bureaus 
appear most abusive to the American consumer; these we cite as

justification of our opposition to the present credit reporting system. 


Seven years (10 years for bankruptcy and some court accounts) 
credit bondage punishes the debtor unjustly,at no point have the 
credit bureaus ever conducted a study determining seven years
to be the point of deadbeat rejuvenation
.


The seven year mark is entirely arbitrarily, in fact, Dr. Bonnie Gution,
adviser to President Bush on Consumer Affairs, remarked, "...


It is our understanding that computer models that predict credit 
worthiness find most information that is more than two years old
nonessential."



Based on experience with our clientele, seven years is truly
too long,within a year or two, most consumers completely
recover from an economic crisis, for the remaining five or
six years,they are left hobbled--- forced to rent homes,
pay outrages interest 
on high risk auto loans, forgo the convenience of credit cards and pay cash for every expenditure. 


By expelling the consumer from the credit loop, the
economy suffers.
 



Our clients come to us on the financial upswing.  If they can afford
our membership, they are most likely on the way back to financial

abundance, these are consumers fully recovered from crisis, 
re-engaged to financial responsibility and anxious to reenter the
credit economy, for them, we offer a deserved parole

from the credit prison which they entered as their financial
world fell apart.



The credit bureaus have not been able to maintain
reasonable accuracy



in their credit profiles. The bureaus claim an error
ratio under 1 percent.

 

In reality, studies conducted by neutral third parties
have determined the credit report error ratio to be closer
to 40 percent.



Unfortunately for the consumer, the credit bureaus choose
to err on the side of negative information, as our client files
have passed through ou
r 


offices, we noticed a high incidence of file mergers---
the worse kind of file error.
 


In a file merger, the credit of another person with a
similar name is spread onto the file of the innocent by stander.
 


Oddly, the credit bureaus fiercely resist correction of these 
obvious errors.


We have found the only way to prompt the to revision is through a
lawsuit.
 


Credit reporting makes up only a small portion of the revenue
which the bureaus claim each year.
 


The databases really pay off in the sales of information. 


 From generic target marketing lists to invasive personal investigative
 inquires, the bureaus cull a pool of information larger than any in the



 civilized world. 
 The end loser is the consumer who values his privacy.


The horror stories keep coming about individual whose jobs
have been lost, insurance cancelled, reputation ruined by
sloppy collection and dissemination of personal information.
  


This does not include the mass irritation experienced by
consumers forced to wade through the reams of junk mail,
privacy is a thing of the past- and the blame can be firmly
placed on the credit bureaus.


America is not the only country in the world whose economy utilizes 
consumer credit.
 

Other countries such as Great Britain, extend  credit based on the
individual' present credit standing, a grand scale revision of the credit
reporting system in the United States would not throw our economy
into chaos and distress.


It's Not UNPATRIOTIC, IT'S NOT UNFAIR,
and IT'S NOT UNETHICAL.


Until that day, we should feel comfortable that the
removable of negative  credit accounts before the seven-year
mark is not, unpatriotic, it's not unfair, and it's not unethical




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